We have operating lease agreements primarily for offices and manufacturing spaces located in various locations with lease periods expiring between 2027 and 2031, some of which include options to extend the leases for up to five years.

The Company, through its wholly owned subsidiary Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”), leases manufacturing facilities in Penang, Malaysia under a tenancy agreement originally entered into in December 2023, as subsequently expanded by two supplemental lease agreements entered into in October 2024 and November 2025 for additional space within the same facility. The original tenancy agreement included an option to renew for an additional three-year term, which the Company had previously determined it was reasonably certain to exercise; accordingly, the original lease term used to measure the operating lease liability and right-of-use (“ROU”) asset extended through July 31, 2029.

In April 2026, Enovix Malaysia and the landlord executed a renewal agreement (the “Renewal Agreement”) that renewed the tenancy for a one-year term commencing August 1, 2026 and expiring July 31, 2027, rather than the three-year renewal term previously assumed. Monthly rental payment is approximately RM962,267 (approximately $0.2 million U.S. dollars at current exchange rates). The Renewal Agreement covers the same premises previously leased.

The Company evaluated the Renewal Agreement under ASC 842, Leases, and concluded that it represents a modification of the existing lease that is not accounted for as a separate contract, because it does not grant the Company an additional right-of-use. As a result, the Company reassessed the lease term and concluded it is no longer reasonably certain to exercise a renewal option beyond July 31, 2027. Accordingly, the Company remeasured the operating lease liability and corresponding ROU asset using the revised lease term ending July 31, 2027. This remeasurement resulted in a decrease of approximately $2.1 million to the ROU asset and $3.1 million to the operating lease liability. Since the lease is denominated in Malaysian Ringgit, a foreign exchange gain of $1.0 million was recognized in earnings for the fiscal year-to-date July 5, 2026. The lease continues to be classified as an operating lease.


	Fiscal Years-to-Date Ended
	July 5, 2026		June 29, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,562	$	2,284


	Operating leases
2026 (remaining six months)	$	2,391
2027	3,746
2028	2,139
2029	1,858
2030	1,270
Thereafter	5
Total	11,409
Less: imputed interest	(1,278)
Present value of lease liabilities	$	10,131